The year began in January with the news that Meet Cute, the company that is building a portfolio of audio romantic comedy podcasts, had raised $3 million in funding. Now, as 2020 winds down, it has reportedly raised another $6.25 million to continue to grow its portfolio of podcasts where each love story is told in a 15-minute episode.
Meet Cute’s founder and CEO Naomi Shah knows her way around the investment world. She previously was an investment analyst. Forbes reports her former employer, Union Square Ventures, was part of the group that put more money into the company. It was also an investor earlier this year. Among the others investing in the New York-based podcast studio were LocalGlobe, Lerer Hippeau and Newark Venture Partners.
“It’s really gratifying to be able to hire people and then go work for them,” said Union Square managing partner Andy Weissman. He told Forbes that Meet Cute has found what he believes is an opening in the podcast market. “These are stories that are meant to make you feel good,” he said. “Disney has this consistent format and aesthetic, Marvel does, Pixar does, but no one in audio has done that.”
New York-based Meet Cute has published more than 200 rom-com podcast episodes since it launched in February. Similar to female-targeted cable networks like Hallmark and Lifetime, Meet Cute is focused on Christmas-related content this month. Season’s Meetings – where a mall Santa ends up with his elf companion – is one example.
Shah told Forbes that Meet Cute has not yet turned a profit, in part because all the podcasts are currently devoid of any advertising. Instead, it is focused on building an audience. She said the new funding will also allow it to expand its roster and work with more Hollywood actors.